The Jamul Indian Village has New Casino Financial Backer:  Read the entire press release on the JAC Website:
Here are some excerpts from today’s press release:
…Earlier this year, after an extensive and comprehensive Tribal environmental review process consistent with both the National Environmental Protection Act (NEPA) and the California Environmental Quality Act (CEQA), the Tribe approved and certified the project’s Tribal Environmental Evaluation and Mitigation Plan and is now working with State and County agencies to address potential environmental impacts. (JAC edit: Caltrans has not approved the encroachment onto Highway 94)
…Lakes Entertainment, Inc., which until last year was working with the Tribe on this project, remains a subordinated lender but has no further rights or obligations with respect to the development process or facility management. The agreements between Penn National and the Tribe have been filed with and are subject to the National Indian Gaming Commission’s review and approval. (not a done deal yet!)
…there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to secure financing for this project; (JAC needs your help informing Penn National Gaming in knowing who they are dealing with!)
…our ability to secure state and local permits and regulatory approvals necessary for the proposed Jamul project; (Again, Caltrans has not approved the encroachment onto Highway 94)
…construction factors, including delays, unexpected remediation costs, challenges associated with building a complex project on a relatively small parcel, local opposition and increased cost of labor and materials; the passage of state, federal or local legislation that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which we do or seek to do business… (relatively small parcel? Who is going to invest $360M for this?, doesn’t this all sound familiar?)
Do you know anything about Penn National Gaming? Let us know:

Posted by – Kim
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